DOMESTIC banks have earmarked at least 60 billion yuan (US$8 billion) of loans for property projects eligible for support.

Agricultural Bank of China Ltd. approved more than 40 billion yuan in loans for real estate projects under the “whitelist” mechanism aimed at injecting liquidity into the country’s real estate sector, the lender said in a statement yesterday.

China Construction Bank Corp. extended 3 billion yuan to five property projects, with more than 20 billion yuan of approved loans in the pipeline, it said late Friday.

Local branches of Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. also moved to offer financing support to some projects, according to statements over the weekend. They didn’t reveal the total amount of loans that had been extended or are being planned.

The announcements came after regulators urged local authorities last month to better support financing needs of developers and draft lists of eligible projects. Banks are told to step up lending to the property sector.

By establishing a “coordination mechanism,” officials asked major banks to approve a whitelist of property projects and requested local authorities to ensure progress.   (SD-Agencies)